Monday, June 8, 2009

Supreme Court Delays Sale of Chrysler to Fiat

AlphaNinja - Big win today for the "recalcitrant" bond holdouts who've appealed to the Supreme Court after the administration effectively scrapped the rule of law in order to hand control of Chrysler to groups further down the capital structure than these bondholders.

Earlier today, the Department of Justice apparently pressured the Supreme Court to take a "pass" on even listening to the bondholders. Incredible.